S Hotels and Resorts, owner of Jupiter Hotels, has acquired the long leasehold of Mercure Perth Hotel for an off-guide price of £2.25m.
The Mercure in Perth is a 15th century converted watermill comprising 76 en-suite bedrooms, a restaurant, bar and conferencing facilities, with views of the city.
It has car parking provisions for 50 cars, with a total site area is 1.01 acres. The property has an unexpired long leasehold term of 46 years.
Dirk De Cuyper, chief executive of S Hotels and Resorts, the Thai based hotelier which owns Jupiter Hotels, commented: “The Mercure Perth is a key location and an important part of our portfolio in the UK, we are delighted to have recently acquired the head lease.
“We will now be embarking on a refurbishment programme that will include the 76 guest bedrooms and the public areas of the hotel.”
Steven Fyfe, associate director in the hotel capital markets team at Savills Glasgow, which handled the sale, added: “Having operated from the location for 23 years we are delighted to complete the sale of the long leasehold to Jupiter Hotels.
“Perth is an established tourist destination which has benefited from the rise of staycations within the UK, making this an extremely attractive acquisition.”
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